7/5, 4:53 PM (Source: TeleTrader)
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Norway strikes threaten to cut off gas supplies to UK

Norway warned on Tuesday that gas supplies to the United Kingdom could be cut off this weekend, in case workers' strike escalates, pushing European gas prices to their highest levels in four months.

Norwegian pipeline operator Gassco told the Financial Times that "in the worst-case scenario, supplies to the UK could be completely halted." Following the announcement that the country's energy giant Equinor ASA announced the closure of three oil fields after its employees declared a strike, workers have stated that they intend to shut down a key distribution center that supplies Britain with gas on Saturday.

The strikes will affect nearly 60% of gas exports from the Norwegian continental shelf (NCS), resulting in a daily revenue loss of NOK 1.8 billion, and a halt in production of 89,000 barrels of oil equivalent per day. The supply disruptions have caused European gas prices to skyrocket, increasing by 9%.

Baha Breaking News (BBN) / AB